Shareholders Foundation, Inc.

Insys Therapeutics Inc (NASDAQ:INSY) Former Employee Alert: Investigation over Potential Wrongdoing

An investigation on behalf of former employees of Insys Therapeutics Inc (NASDAQ:INSY), who are current or former participants in the Insys Therapeutics Inc (NASDAQ:INSY Employee Stock Ownership Plan, concerning potential breaches of fiduciary duties was announced and employees of Insys Therapeutics Inc should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 
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San Diego, CA -- (SBWIRE) -- 07/02/2014 -- An investigation on behalf of former employees of Insys Therapeutics Inc (NASDAQ:INSY), who are current or former participants in the Insys Therapeutics Inc Employee Stock Ownership Plan and/or those who own currently NASDAQ:INSY shares, concerning potential Breaches of Fiduciary Duty was announced.

Former employees of Insys Therapeutics Inc (NASDAQ:INSY), who are current or former participants in the Insys Therapeutics Inc Employee Stock Ownership Plan and/or those who currently hold NASDAQ:INSY shares, have certain options and should contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the investigation by a law firm employees of Insys Therapeutics Inc , who are current or former participants in the Insys Therapeutics Inc Employee Stock Ownership Plan and/or currently hold NASDAQ:INSY shares, may be eligible to file a complaint for putting stock options at risk if they can prove their employer violated its fiduciary duty to them.

A lawsuit was filed against Insys Therapeutics Inc over alleged securities laws violations. The plaintiff alleges that defendants made allegedly false and/or misleading statements concerning, and/or failed to disclose, among other things that Insys Therapeutics Inc engaged in illegal and/or unethical off label marketing of Subsys®, that Insys Therapeutics Inc was exposed to potential fines and other disciplinary actions as a result of its Subsys marketing practices, and that as a result, the Insys Therapeutics Inc's financial statements were materially false and misleading at all relevant times.

On December 12, 2013, after the market closed, Insys Therapeutics Inc announced that, "it has received a subpoena from the Office of Inspector General of the Department of Health and Human Services ("HHS") in connection with an investigation of potential violations involving HHS programs. The subpoena requests documents regarding Subsys, including INSYS' sales and marketing practices relating to this product."

On May 8, 2014, a local Michigan news source published an article detailing charges against a Michigan doctor who allegedly accounted for 20% of total nationwide Subsys prescriptions. The doctor was charged by federal prosecutors with defrauding Medicare, private insurers, and prescribing unnecessary medications to patients. Then on May 11, 2014, an analyst firm published a report further highlighting the claims against the Michigan doctor, and the problems attendant to Insys Therapeutics Inc's marketing of Subsys, including allegedly illegal off-label marketing.

Shares of Insys Therapeutics Inc declined from $41.99 per share on May 6, 2014 to $20.63 per share on May 15, 2014.

Those who are former employees of Insys Therapeutics Inc, who are current or former participants in the Insys Therapeutics Inc Employee Stock Ownership Plan and/or those who currently hold NASDAQ:INSY shares,, have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com